Can Advanced Mobile Iv And Amiv Franchisor assign the Guaranty?
Advanced_Mobile_Iv_And_Amiv Franchise · 2023 FDDAnswer from 2023 FDD Document
______________________ 3. Signatures ("we/us"): ADVANCED MOBILE IV, LLC By: _______________________________ Print Name: ________________________ Title: ______________________________ (jointly and severally "you"): By:________________________________ _________________, an individual By: _______________________________ Print Name: ________________________ Title: ______________________________
60 – ADVANCED MOBILE IV FRANCHISE AGREEMENT
SCHEDULE 3 OWNER'S GUARANTY
| THIS OWNER'S GUARANTY ("Guaranty") is made as of the, by | ||
|---|---|---|
| (each and if more than one, "Guarantor"), who have an interest in, | ||
| a ("Franchisee") in connection with that certain Advanced Mobile IV Franchise | ||
| Agreement dated as of | (the "Franchise Agreement") between Franchisee and | |
| ADVANCED MOBILE IV, LLC, a Utah limited liability company ("Franchisor"). |
Source: Item 23 — RECEIPTS (FDD pages 54–202)
What This Means (2023 FDD)
Based on the 2023 Advanced Mobile Iv And Amiv Franchise Disclosure Document, the excerpt provided includes a template for an Owner's Guaranty, which is part of the franchise agreement. This Guaranty is made by individuals who have a legal or beneficial interest in the franchisee. By signing the Guaranty, these individuals agree to be bound by the terms of the franchise agreement. The document states that the Guaranty is incorporated into and made a part of the Franchise Agreement.
The excerpt does not explicitly state whether Advanced Mobile Iv And Amiv, as the franchisor, can assign the Guaranty to another party. The document focuses on the obligations and liabilities of the guarantors, stating that their obligations are continuing and will terminate only upon satisfaction of the franchisee's obligations under the agreement. It also mentions that a fresh cause of action will arise for each breach by the franchisee that produces a liability for any guarantor.
Because the provided documentation does not specify whether the Guaranty can be assigned by Advanced Mobile Iv And Amiv, prospective franchisees should seek clarification from the franchisor regarding the assignability of the Guaranty. Understanding whether the franchisor can transfer the Guaranty to another entity is crucial for assessing the potential long-term liabilities and obligations of the guarantors.